Bitcoin Cash (BCH) price has exceeded the limit in recent days. Within the last 10 days, the price of the Bitcoin fork is up an astounding 168%, and BCH is temporarily up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle happened 10 days ago. The price exploded out of nowhere.
Why is Bitcoin Cash recovering?
As reported by NewsBTC, the reasons for the massive rise in the BCH price have already been discussed over the past few days. It’s often heard that the listing on the new cryptocurrency exchange EDX Markets, backed by industry giants Citadel Securities, and Charles Schwab Corp. and Fidelity Digital Assets, prefer BCH.
Moreover, the price increase was also said to be due to Bitcoin Cash’s recent “game-changing” upgrade. In mid-May, Bitcoin Cash underwent a hard fork that not only improved the network’s security and privacy measures, but also introduced plans for CashTokens.
However, the real reasons for the current Bitcoin Cash pump seem to lie elsewhere: namely, in South Korea. Chinese cryptographer Colin Wu reports Today South Korea could be the reason for the BCH pumping, given where much of the volume comes from.
In the past 24 hours, South Korea’s largest exchange, Upbit, recorded a trading volume of more than $350 million for BCH/KRW, accounting for 23.58% of the total trading volume for BCH. Moreover, it is also three times the volume of BTC/KRW traded on Upbit – an extremely rare anomaly.
Renowned trader and whale Andrew Kang agrees, Mentionsed That BCH’s current rally reminds him of the multi-week battle of Aptos (APT) between Korean retail traders and “professional traders”.
Never skip a Korea pump?
“The Koreans didn’t need a reason to bid, all that mattered was that they kept going up and slaying early bears,” Kang said. The trader is alluding to APT rising 500% earlier this year.
South Koreans pumped Aptos for a joke about housing affordability. APT’s trading volume on South Korean cryptocurrency exchange UpBit was often higher than the total trading volume on Binance at the time. It was also helpful that the Aptos Foundation had been marketing the altcoin to Koreans since day one.
According to Alex Shin, co-founder of crypto venture capital firm Hashed, South Korean cryptocurrency investors Taking Aptos striped the three letters “APT” and turned it into a meme referring to how ridiculous it is to buy an “apartment” in South Korea. “Injecting altcoins is a tradition in Korean society,” said expert Asia Wu at the time.
Kang concluded: “People are shorting Bitcoin Cash more than the liquid supply of it. It is very illiquid because most of the supply is depleted. Imagine the original cartel fading” and adding the “infidelity pump.”
At the time of publication, BCH is trading at $300 per coin.
Featured image from Binance Academy, chart from TradingView.com
